NAME OF REPORTING PERSON OR

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Pershing Square Capital Management, L.P.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

    Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

    0

SHARED VOTING POWER

    3,644,870

SOLE DISPOSITIVE POWER

    0

SHARED DISPOSITIVE POWER

    3,644,870

  9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    3,644,870

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ¨

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

    8.6%¹

12

TYPE OF REPORTING PERSON

    IA

On June 6, 2012, Alexander & Baldwin, Inc. (“A&B Predecessor”) (for the avoidance of doubt A&B Predecessor is a separate entity from Alexander & Baldwin, Inc., as the issuer (the “Issuer”)), merged (the “Merger”) with and into A&B Merger Corporation, a wholly owned subsidiary of Alexander & Baldwin Holdings, Inc. (“Holdings”), with A&B Predecessor surviving the Merger. At the effective time of the Merger, each outstanding share of common stock, without par value, of A&B Predecessor (the “A&B Predecessor Common Stock”) automatically converted into one share of common stock, without par value, of Holdings (the “Holdings Common Stock”). On June 29, 2012, the separation (the “Separation”) of Holdings into the Issuer and Holdings was completed. As a result of the Separation, shareholders of Holdings (subsequently renamed “Matson, Inc.”) received one share of common stock, without par value, of the Issuer (the “Common Stock”) for each share of Holdings Common Stock held immediately prior to the Separation. This calculation is based on 42,197,494 shares of A&B Predecessor Common Stock outstanding as of March 31, 2012, as reported in A&B Predecessor’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 (the “Form 10-Q”).

NAME OF REPORTING PERSON OR

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

PS Management GP, LLC

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

    Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

    0

SHARED VOTING POWER

    3,644,870

SOLE DISPOSITIVE POWER

    0

SHARED DISPOSITIVE POWER

    3,644,870

  9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    3,644,870

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ¨

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

    8.6%²

12

TYPE OF REPORTING PERSON

    OO

This calculation is based on 42,197,494 shares of A&B Predecessor Common Stock, outstanding as of March 31, 2012, as reported in the Form 10-Q.

NAME OF REPORTING PERSON OR

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Pershing Square GP, LLC

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

    Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

    0

SHARED VOTING POWER

    1,616,341

SOLE DISPOSITIVE POWER

    0

SHARED DISPOSITIVE POWER

    1,616,341

  9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    1,616,341

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ¨

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

    3.8%³

12

TYPE OF REPORTING PERSON

    IA

This calculation is based on 42,197,494 shares of A&B Predecessor Common Stock, outstanding as of March 31, 2012, as reported in the Form 10-Q.

NAME OF REPORTING PERSON OR

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

William A. Ackman

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

    U.S.A.

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

    0

SHARED VOTING POWER

    3,644,870

SOLE DISPOSITIVE POWER

    0

SHARED DISPOSITIVE POWER

    3,644,870

  9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    3,644,870

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ¨

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

    8.6%⁴

12

TYPE OF REPORTING PERSON

    IN

This calculation is based on 42,197,494 shares of A&B Predecessor Common Stock, outstanding as of March 31, 2012, as reported in the Form 10-Q.

Name of Issuer:

The name of the issuer is Alexander & Baldwin, Inc. (the “Issuer”).

Address of Issuer’s Principal Executive Offices:

822 Bishop Street,

Honolulu, Hawaii 96813.

Name of Persons Filing:

This statement is filed by:

Address of Principal Business Office, or if None, Residence:

The address of the principal business office of each of the Reporting Persons is 888 Seventh Avenue, 42^nd Floor, New York, New York 10019.

Citizenship:

Pershing Square is a limited partnership organized under the laws of the State of Delaware. PS Management is a limited liability company organized under the laws of the State of Delaware. Pershing Square GP is a limited liability company organized under the laws of the State of Delaware. Mr. Ackman is a United States citizen.

Title of Class of Securities:

Common Stock, without par value (“Common Stock”)

CUSIP Number:

014491104

With respect to Pershing Square and Pershing Square GP.

With respect to PS Management and Mr. Ackman.

Amount beneficially owned:

As of July 6, 2012, Pershing Square may be deemed to have beneficially owned: 3,644,870 shares of Common Stock.

Percent of class:

8.6%. The percentage used herein and in the balance of Item 4 are rounded to the nearest tenth and based on 42,197,494 shares of A&B Predecessor Common Stock outstanding as of March 31, 2012, as reported in Alexander & Baldwin, Inc.’s (“A&B Predecessor”) Quarterly Report on Form 10-Q (the “Form 10-Q”) for the quarter ending March 31, 2012. On June 6, 2012, A&B Predecessor (for the avoidance of doubt A&B Predecessor is a separate entity from Alexander & Baldwin, Inc., the Issuer), merged (the “Merger”) with and into A&B Merger Corporation, a wholly owned subsidiary of Alexander & Baldwin Holdings, Inc. (“Holdings”), with A&B Predecessor surviving the Merger. At the effective time of the Merger, each outstanding share of common stock, without par value, of A&B Predecessor (the “A&B Predecessor Common Stock”) automatically converted into one share of common stock, without par value, of Holdings (the “Holdings Common Stock”). On June 29, 2012, the separation (the “Separation”) of Holdings into the Issuer and Holdings was completed. As a result of the Separation, shareholders of Holdings (subsequently renamed “Matson, Inc.”) received one share of Issuer Common Stock for each share of Holdings Common Stock held immediately prior to the Separation.

Sole power to vote or to direct the vote:

None

Shared power to vote or to direct the vote:

3,644,870

Sole power to dispose or to direct the disposition of:

None

Shared power to dispose or to direct the disposition of:

3,644,870

Amount beneficially owned:

As of July 6, 2012, PS Management may be deemed to have beneficially owned: 3,644,870 shares of Common Stock.

Percent of class:

8.6%. The percentage used herein and in the balance of Item 4 are rounded to the nearest tenth and based on 42,197,494 shares of A&B Predecessor Common Stock outstanding as of March 31, 2012, as reported in the Form 10-Q for the quarter ending March 31, 2012. Please see Item 4(A)(b) for a complete description.

Sole power to vote or to direct the vote:

None

Shared power to vote or to direct the vote:

3,644,870

Sole power to dispose or to direct the disposition of:

None

Shared power to dispose or to direct the disposition of:

3,644,870

Amount beneficially owned:

As of July 6, 2012, Pershing Square GP may be deemed to have beneficially owned: 1,616,341 shares of Common Stock.

Percent of class:

3.8%. The percentage used herein and in the balance of Item 4 are rounded to the nearest tenth and based on 42,197,494 shares of A&B Predecessor Common Stock outstanding as of March 31, 2012, as reported in the Form 10-Q for the quarter ending March 31, 2012. Please see Item 4(A)(b) for a complete description.

Sole power to vote or to direct the vote:

None

Shared power to vote or to direct the vote:

1,616,341

Sole power to dispose or to direct the disposition of:

None

Shared power to dispose or to direct the disposition of:

1,616,341

Amount beneficially owned:

As of July 6, 2012, Mr. Ackman may be deemed to have beneficially owned: 3,644,870 shares of Common Stock.

Percent of class:

8.6%. The percentage used herein and in the balance of Item 4 are rounded to the nearest tenth and based on 42,197,494 shares of A&B Predecessor Common Stock outstanding as of March 31, 2012, as reported in the Form 10-Q for the quarter ending March 31, 2012. Please see Item 4(A)(b) for a complete description.

Sole power to vote or to direct the vote:

None

Shared power to vote or to direct the vote:

3,644,870

Sole power to dispose or to direct the disposition of:

None

Shared power to dispose or to direct the disposition of:

3,644,870

OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

Not applicable.

IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

See Exhibit B.

IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.

Not applicable.

NOTICE OF DISSOLUTION OF GROUP

Not applicable.

CERTIFICATIONS.

Each of the Reporting Persons hereby makes the following certification:

“By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having such purpose or effect.”